In this episode, I sit down with Dr. David M. Kohl, Professor Emeritus of Agricultural Finance and Small Business Management, for a conversation about what it really takes for young farmers to build strong, lasting farm businesses.

We discuss why transition is not just a handoff but a transformative process that requires transparency, honest financial assessments, and the courage to face tough realities head-on.

Dr. Kohl explains why starting with a clear resource assessment matters, how cash flow planning shapes long-term success, and why written goals act as a compass when the road gets messy.

This episode offers young farmers, founders, and successors alike practical wisdom, fresh perspective, and encouragement to move from uncertainty to clarity — and to see transition not as a burden, but as an opportunity to strengthen both the farm and the family behind it.

Access the full show notes for this episode at elainefroese.com.

Discover more about our guest: Dr. David M. Kohl

Elaine Froese Resources:

• Watch this episode on YouTube.
• SPEAKING - book Elaine for your next event
• COACHING - find your Farm Transition Coach
• MEMBERSHIP - Join the Farm Family Harmony Membership waitlist
• RESOURCES - download for FREE
• CONTACT - take the next steps in your transition
• BURNING QUESTION? Submit it here for Elaine or her coaches

Timestamps

0:04:40 - Discussion on farm succession 0:05:30 - Resource assessment for family business transition 0:06:55 - Importance of understanding true profitability through accrual adjustments 0:11:24 - Advice on debt servicing and working with lenders 0:14:59 - Land buying strategies for young farmers 0:18:29 - Importance of goal setting and using a facilitator 0:22:16 - Skill assessment and developing mini business plans 0:24:17 - Warren Buffett's advice on behavioral success 0:28:35 - Discussing family living arrangements and budgets 0:33:08 - The five key points for successful farm transition